Minutes - Investment - 2007-04-19•
COSTA MESA SANITARY DISTRICT
MINUTES OF INVESTMENT OVERSIGHT COMMITTEE MEETING
April 19, 2007
CALL TO ORDER The meeting was called to order at 5:30 p.m. by Board President,
Art Perry
ROLL CALL Committee Members Present:
President Art Perry (rotating committee member)
Director Gary Monahan (rotating committee member)
Director Arlene Schafer
Staff Members Present:
Mr. Rob Hamers; Manager /District Engineer
• Mr. Marc Davis, Treasurer /Finance Director
Ms. Joan Revak, Board Secretary /Clerk of the District
Ms. Sherry Kallab, Accountant
NEW BUSINESS Review of Treasurer's Report
Mr. Davis discussed the long term investments entered into by the City
prior to 2004 and the resulting low yield reflected on the April 2007
Treasurer's Report. One of the District's long term investments will be
maturing 5/14/2007 and the proceeds will be deposited into LAIF to
provide liquidity in the event a district yard is located. Director Monahan
noted that the next maturing District investment would be in September of
2007 and Mr. Davis stated that those proceeds would likely be placed in
LAIF, as well. Mr. Davis reported that the District's cash flow should be
sufficient until the 07/08 trash and sewer charges are received in
November 2007. Mr. Davis informed the committee members that the
District's Investment Policy, will be presented at the next investment
oversight committee meeting.
Update on Financial Audit for 2006 -2007
Mr. Davis reported that the interim portion of the 2006 -2007 audit will
begin Monday, April 23, 2007 and will focus on internal controls and
testing of transactions. The 2006 -2007 audit should be completed in the
is fall of 2007. The fiscal year 2006 -2007 represents the last contract year
with the audit firm of Diehl Evans and staff anticipates requesting that the
board exercise the one year audit extension option.
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PUBLIC COMMENTS
ADJOURNMENT
Approved by:
Page 2
Update on Internal Controls
District Manager Rob Hamers requested a review of the District's internal
controls and Mr. Davis reported that Alison Smidt, a member of Mr. Davis'
firm, is in the process of performing cycle memos that document current
procedures, requests for payments and posting of transactions. Mr. Davis
added that the timing is good for the review because the transition from
the City is now complete. Director Perry asked if the District has a two
signature check requirement. Mr. Davis stated that the District does have
a two signature requirement. In addition, staff is in the process of having
the check signatories updated to Director Perry and Mr. Davis.
There were no items discussed under public comments.
The meeting adjourned at 5:55 p.m.
Secretary, Cost,m'esa Sanitary District
Boarci-ofbi ectors
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Board of Directors
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